Mobile Service Provider Mswipe Raises $25M Series C Funding

Mumbai-based mobile POS service provider Mswipe has raised $25 million in series C funding from new investors Falcon Edge Capital, Ola Cabs and Meru Capital as well as existing investors Matrix Partners India, Axis Bank, and DSG Consumer Partners. The company aims to utilize the raised funds to further accelerate its aggressive growth and customer success. In January 2014, it raised series B funding round from Matrix Partners and Axis Bank

The company had started its operations in 2011, it offers a mobile phone-based POS service to small and medium business to accept debit and credit card payments using their Android, iOS or notably feature phones. The company has a pan-India direct sales agent network to provide after sales support to its customers and currently employs over 400 people. The company is also present in the Middle East, US and SE Asia through partnerships. It works with banks like Corporation Bank, Ratnakar Bank, SVC Bank and Axis Bank. The company provides its service to over 25,000 merchants across the country.

It competes with startups like PayU and Ezetap which raised $8 million in 2014.